Word: bailouts
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...None of this is simply academic theorizing. One year on, public fury about the massive banking bailouts continues to drive calls for greater oversight and regulation. Much of the outrage is directed at bankers who earned huge bonuses by taking outsized risks with complex financial instruments, only to walk away scot-free when their bets went awry, plunging the world into crisis. Bonuses are just one aspect of the larger issue of moral hazard that has been raised over the past year, as governments and central banks have spent tens of billions of dollars of taxpayers' money to rescue financial...
...nonetheless making a big deal out of the Fed chairman's words? Partly because he's powerful. Bernanke's opinions on the economy's future shape the U.S. government's decisions about interest rates, bailout efforts and the like. Right now the main monetary-policy debate is between those who think the recovery will be weak and fitful--and thus the Fed should keep doing what it can to stimulate the economy--and those who think it will be rip-roaring enough that further spending would spark inflation. At Brookings, Bernanke seemed to indicate that he stood with the first...
...lens against large American corporations and the institutions that he believes have flat-out screwed the working class. In his latest film, Capitalism, Moore ridicules the business philosophy that has blown up the economy, resulted in 6 million job losses and required more than a $1 trillion in bailout money to keep the banks afloat - while millions of people have lost their homes to foreclosure. He's a man who has made perpetual outrage an art form in every sense of the word. He had some choice words for TIME's business editor, Bill Saporito. (See TIME's fall entertainment...
...billion per year, hey I have some good ideas. I can make some money with that, for me and for you. I'm going to have my best quarter if you gave me that money. I wonder how many people in the inner cities would love a little bailout money to get out the hole they are in and have one of their best years ever. This wasn't a gift; it was a theft. They stole the people's money by gambling with it. They took the pension funds of working people and gambled away their money, and went...
...high cost structures and a $15.4 billion debt load, JAL lost about $1 billion last quarter and projects a loss of about $700 million for this fiscal year. With nowhere else to turn, JAL CEO Haruka Nishimatsu this week met with Transport Minister Seiji Maehara to discuss a government bailout, inviting unflattering comparisons between the Japanese airline and American carmaker...